Scott Bessent Hires 'Wall Street Geek' David Zervos to Advise Treasury Amid Rising Yields: 'Whether It’s Trade, Whether It’s War, He’s Stepped Up'
Treasury Secretary Scott Bessent appointed Jefferies strategist David Zervos as a department counselor to advise the agency on rising bond yields. A ‘Wall Street Geek’ Joins the Treasury According to CNBC, Zervos, who called himself a “Wall Street geek” in a brief interview, will serve in a broad advisory capacity and is expected to begin immediately. He assumes the role as a special government employee, a status that bypasses certain divestiture requirements but restricts his term, which he expects to end in April 2027. The position does not require Senate confirmation and fills a vacancy left by Wall Street economist Joseph Lavorgna in March. Zervos expressed enthusiasm for his third stint in government and praised Bessent’s leadership. Bessent “has done an incredible job in this administration at guiding the economy through a lot of tumultuous periods,” Zervos told CNBC. “Whether it’s trade, whether it’s war, he’s stepped up.” Read Also: Trump's AI Lunch Will Bring Together Mark Zuckerberg, Jensen Huang, Other Tech Bigwigs: Here's Who Else Is Invited Navigating Rising Yields and Debt Strategy The hire arrives as the Treasury intervenes in markets amid rising interest rates. The
Treasury Secretary Scott Bessent appointed Jefferies strategist David Zervos as a department counselor to advise the agency on rising bond yields. A ‘Wall Street Geek’ Joins the Treasury According to CNBC, Zervos, who called himself a “Wall Street geek” in a brief interview, will serve in a broad advisory capacity and is expected to begin immediately. He assumes the role as a special government employee, a status that bypasses certain divestiture requirements but restricts his term, which he expects to end in April 2027. The position does not require Senate confirmation and fills a vacancy left by Wall Street economist Joseph Lavorgna in March.
Zervos expressed enthusiasm for his third stint in government and praised Bessent’s leadership. Bessent “has done an incredible job in this administration at guiding the economy through a lot of tumultuous periods,” Zervos told CNBC. ” Read Also: Trump's AI Lunch Will Bring Together Mark Zuckerberg, Jensen Huang, Other Tech Bigwigs: Here's Who Else Is Invited Navigating Rising Yields and Debt Strategy The hire arrives as the Treasury intervenes in markets amid rising interest rates. 25%, driven by inflation concerns, the Iran war, and capital competition from artificial intelligence infrastructure.
Zervos has publicly backed Bessent’s recent moves to increase buybacks of long-term Treasury debt. ” Push for Lower Interest Rates Zervos, who holds a doctorate in economics, has worked at Jefferies since 2010. He previously served two stints at the Federal Reserve and was considered by President Donald Trump to run the central bank before Kevin Warsh was selected in January. Zervos has advocated for “much lower” interest rates and suggested Warsh can facilitate cuts by reducing the Fed’s balance sheet.
His arrival bolsters Treasury ranks following a wave of departures, including seven of the department’s 16 Senate-confirmed appointees. How Have Stocks and Bonds Performed in 2026? 95%. S.
88% lower. 14% over the last one month. 24% year-to-date. 11% during this period.
On Friday, the SPDR S&P 500 ETF Trust (NYSE: SPY ) and Invesco QQQ Trust ETF (NASDAQ: QQQ ), which track the S&P 500 and Nasdaq-100, respectively, closed lower. 53. 02. Read Also: Forget Nvidia: New Memory-Focused ETF Soars 90% As CEO Calls Chips AI's 'Biggest Bottleneck' Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors.
Photo courtesy: Shutterstock